Cryptocurrencies

STEEM technical analysis

STEEM seen from the temporality of 1W we can observe how the price in the last weeks has been changing the momentum when approaching the second zone of demand in 1W located in the 0.2181, we can clearly see this change in the bodies of candles, we also have bullish divergence from the technical indicator RSI, we see that the relative strength has come up during this structure with double floor potential, in a short time we could see a strong upward movement, we still need to see a bull candle to confirm the intention of the bulls, but the scenario is quite good.

STEEM seen from the temporality of 1D we can observe more closely the current movement of candles, the last two candles have found support in the same horizontal, we can see in the double floor formed by their wicks, if the current candle ends this way we could see a bullish candle that makes us a bottom tweezer in the next session, within this temporality we also have bullish divergence in relation to the technical indicator RSI, the movement of candles has drawn us a bearish inclination while the relative force has come in increase.

In conclusion, after several weeks of strong bearish movement, STEEM seems to show signs of a possible change of trend with, this change may be very strong, the target zone is the supply zone located at 0.3449, we still need to have bullish confirmation, however, the divergences present already begin to warn us of a possible reversal, I recommend to be very attentive to the closing of the candle and confirmation with the next, we could have a +50% gain once we reach the target.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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